When I was considering whether to repay my student loans more quickly than required, I wondered at this advice and really wanted to understand why that might be the case.
So I did a little research -- including a wild Saturday night poking around on the FICO Banking Analytics blog -- asked some of my very intelligent colleagues about it, and started monitoring my credit.
With auto loans, you might not see the same effect – but you will increase your interest costs.
While it may You might also find that you refinance into a less friendly loan.
But what about your credit scores – does refinancing affect your credit negatively?